XChange TEC acquires insurance brokerage in Hong Kong to tap into booming insurance sector

From Yahoo Finance: 2025-04-07 05:48:00

XChange TEC acquires insurance brokerage in Hong Kong, gaining direct access to the market. Plans to offer customized insurance solutions in China and global markets. Sees this move as critical for Asia-Pacific growth and to tap into Hong Kong’s booming insurance sector serving Chinese clients and expatriates.

Expansion into Hong Kong supports XChange TEC’s goal to be a one-stop hub for risk management and wealth enhancement solutions. Hong Kong’s insurance sector serves as a global capital gateway, offering opportunities for high-net-worth individuals, multinational corporations, and cross-border investors. The company aims to cater to these needs with its tailored insurance products.

XChange TEC is an insurance agency with subsidiaries and consolidated variable interest entities, licensed in China. It provides insurance products nationwide in collaboration with state-owned and regional property and casualty insurance companies. The company’s insurance technology arm focuses on developing and operating insurance technology in China, bridging the gap between consumers and underwriting support.

In November 2024, XChange regained compliance with NASDAQ’s minimum bid price requirement after a notice of non-compliance. The company’s expansion into Hong Kong marks a strategic move to capitalize on the region’s growing insurance sector and enhance its presence in the Asia-Pacific market.

Read more: XChange TEC expands into Hong Kong with acquisition